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Ecolab

Ecolab's revenue rose 2.2% in FY2025, to $16.1B, and net income fell 1.7% to $2.1B

Revenue rose 2.2% to $16.1B in FY2025, from $15.7B in FY2024. Net income fell 1.7% to $2.1B. Product and Equipment was the largest product or service, at 78% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 23, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026) · Data pulled Oct 29, 2026

Key facts

Ecolab (NYSE: ECL) closed fiscal 2025 on Dec 31, 2025 with revenue of $16.1B, up 2.2% from a year before; net income came to $2.1B, down 1.7%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $4.4B, up 9.7% on the same stretch of the prior year, and net income of $535M. Broken down by product or service, Product and Equipment led with 78% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 23, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026).

Revenue$16.1BFY2025 · +2.2% vs FY2024
Net income$2.1BFY2025 · −1.7% vs FY2024
Operating cash flow$3.0BFY2025 · +4.9% vs FY2024
Cash & equivalents$5.1Bat Jun 30, 2026 · +694.7% vs FY2025 end
Total debt$13.2Bat Jun 30, 2026 · +60.0% vs FY2025 end
Diluted shares285MFY2025 avg · −0.5% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $15.3B15.3Net income FY2023: $1.4B1.4FY2023Revenue FY2024: $15.7B15.7Net income FY2024: $2.1B2.1FY2024Revenue FY2025: $16.1B16.1Net income FY2025: $2.1B2.1FY2025

Source: 10-K FY2025, filed Feb 23, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $3.7B3.7FY2026 Q1: $4.1B4.1Q1FY2025 Q2: $4.0B4.0FY2026 Q2: $4.4B4.4Q2

Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026

How it makes money

FY2025 total by categoryProduct and Equipment: $12.6B (78%)Service and Lease: $3.5B (22%)$16.1BFY2025 total

By product or service, FY2025

  • LineAmountSharevs FY2024
  • Product and Equipment$12.6B78%+1.2%
  • Service and Lease$3.5B22%+6.0%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Product and Equipment (78%) and Service and Lease (22%), as shares of total revenue. Total revenue was $16.1B.

By product or service: three-year mixShare of the total each fiscal year
Product and EquipmentService and Lease

Source: 10-K FY2025

By segment, FY2025

Water Services$8.0B50%+2.7%
Global Institutional$6.1B38%+0.0%
Global Healthcare and Life Sciences$748M5%+6.9%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$4.4B Q2 2026
$4.0B Q2 2025
9.7% increase
Net income
$535M Q2 2026
$524M Q2 2025
2.0% increase

Source: Ecolab 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026

By product or service

Product and Equipment
$3.4B Q2 2026
$3.2B Q2 2025
9.3% increase
Service and Lease
$966M Q2 2026
$868M Q2 2025
11.2% increase

Source: Ecolab 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026

  • Cash & equivalents $5.1B at Jun 30, 2026, vs $646M at FY2025 end.
  • Total debt $13.2B at Jun 30, 2026, vs $8.2B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $1.2B vs $1.1B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net income fell 1.7% in FY2025 to $2.1B, from $2.1B. 10-K, FY2025
  • Total debt rose 8.9% in FY2025 to $8.2B. 10-K, FY2025
  • The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; demand cycles; energy and input costs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Ecolab is in the specialty chemicals industry, part of the materials sector. The SEC files it under Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics.

Ecolab reports 3 segments: Water Services, Global Institutional and Global Healthcare and Life Sciences.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the specialty chemicals industry. They are not a summary of Ecolab’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
  2. Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
  3. Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
  4. Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
  5. TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$15.3B$15.7B$16.1B
Net income$1.4B$2.1B$2.1B
Operating cash flow$2.4B$2.8B$3.0B
Cash & equivalents (year end)$920M$1.3B$646M
Total debt (year end)$8.2B$7.6B$8.2B
Diluted shares286M287M285M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Debt due within one year plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

  • The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

FormFiledPeriod
10-QAug 6, 2026Jun 30, 2026
10-QMay 7, 2026Mar 31, 2026
DEF 14AMar 20, 2026May 7, 2026
10-KFeb 23, 2026Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Ecolab

How does Ecolab make money?

Fiscal 2025 revenue: $16.1B. By product or service in FY2025: Product and Equipment (78%) and Service and Lease (22%), as shares of total revenue. Total revenue was $16.1B. Source: 10-K for fiscal 2025, filed Feb 23, 2026.

What was Ecolab's revenue in fiscal 2025?

$16.1B, up 2.2% from fiscal 2024 ($15.7B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $15.3B. Source: 10-K for fiscal 2025, filed Feb 23, 2026.

Is Ecolab profitable?

Net income was $2.1B in fiscal 2025 (down 1.7%; fiscal 2024 was $2.1B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $535M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 23, 2026.

What did Ecolab report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $4.4B (up 9.7% from $4.0B) and net income $535M (up 2.0% from $524M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026.

How much cash and debt does Ecolab have?

As of Jun 30, 2026: $5.1B of cash and cash equivalents, $13.2B of total debt. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Aug 6, 2026.

What are the main risks Ecolab faces?

Ecolab's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 23, 2026. Risks that are common among companies in the specialty chemicals industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these Ecolab numbers come from?

The 10-K filed Feb 23, 2026 (fiscal 2025) and the 10-Q filed Aug 6, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ECL
The editor holds no position in Ecolab (ECL). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell ECL from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 29, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ECL, and it doesn't consider your situation.

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